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Budding marijuana biz faces realty hurdles

There's a quiet fight raging for property right now among businesspeople aspiring for a piece of Ohio's nascent medical marijuana industry.

And that battle for real estate is acutely felt in the Northeast Ohio market, a region that will be called home by up to 18 of the state's initial 60 dispensaries, or 30% of that business.

The window to submit applications for a dispensary license opened Nov. 3, but closes on Nov. 17. The most proactive entrepreneurs — who are also the most likely to get a permit — have been searching for locations to operate a potential business for many months or more.

And while it's unclear how many will ultimately apply for a dispensary license, that business has lower barriers to entry and the most permits up for grabs versus the cultivating or processing operations, which all together comprise the three state-regulated marijuana businesses.

"It's a sprint," said Kevin Yates, a principal with Cleveland's Allegro Realty Advisors . "The (draft) applications came out not that long ago. And in the intermediary period, people are trying to lock up as many locations as they want to apply for.

Comparing Empire State Realty Trust (ESRT) & Its Competitors

Shares of Empire State Realty Trust ( NYSE ESRT ) opened at $20.33 on Thursday. The company has a current ratio of 4.93, a quick ratio of 4.93 and a debt-to-equity ratio of 0.80. Empire State Realty Trust has a fifty-two week low of $19.19 and a fifty-two week high of $21.98. The firm has a market capitalization of $3,269.08, a price-to-earnings ratio of 21.25, a P/E/G ratio of 5.18 and a beta of 0.99.

Empire State Realty Trust (NYSE:ESRT) last issued its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.01). Empire State Realty Trust had a return on equity of 3.98% and a net margin of 11.90%. The company had revenue of $122.39 million for the quarter, compared to analyst estimates of $122.22 million. During the same period in the prior year, the business earned $0.26 earnings per share. Empire State Realty Trust’s revenue for the quarter was up 5.8% compared to the same quarter last year. analysts anticipate that Empire State Realty Trust will post 0.96 EPS for the current year.

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